Camelot set to change hands

CAMELOT, the operator of the National Lottery, is set to change hands at the end of the month for more than £350 million.

FINGERS CROSSED: The Lottery operator could be yours, though it will cost you at least £350m

Ontario Teachers, the vast Canadian pension fund, and CVC Capital Partners, are thought to be the frontrunners to buy Camelot, which has been put up for sale by its shareholders. Rival private-equity firm BC Partners has been named as another potential suitor .

A price has yet to be agreed and the National Lottery Commission has yet to give its approval but sources close to the deal are confident it will go through. They added that they would be disappointed by a price below £350 million.

It is understood the present management will be kept in place. Camelot plans to export its successful model . It has already dispatched a team to California to advise the state on setting up a new lottery.

Camelot is currently owned by the Post Office, Fujitsu, the Japanese technology giant, De La Rue, the banknote printer, chocolate maker Cadbury and Thales, the French aerospace company.